Dubai, 1 December 2023: Today, amidst the gathering of global leaders at COP28, the United Arab Emirates , the COP28 Presidency declared an unprecedented $30 billion commitment to ALTÉRRA, a climate-focused investment vehicle. This initiative aims to revolutionize international climate finance, prioritizing equitable access for the Global South.
With the $30 billion pledge, ALTÉRRA now stands as the world’s largest private investment vehicle dedicated to climate action, with a targeted mobilization of $250 billion globally by 2030. The primary focus is to guide private markets toward climate investments and bring transformative change to emerging markets and developing economies, where traditional investments face perceived higher risks.
Described by COP28 President Dr. Sultan Al Jaber as a defining moment, the launch of ALTÉRRA signifies the establishment of a new era in international climate finance. Dr. Al Jaber, who will chair ALTÉRRA’s Board, stated, “ALTÉRRA provides a transformational solution for attracting private capital. Its scale and structure will create a multiplier effect in climate-focused investment, making it a vehicle like no other.